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Bankruptcy of Colorado's Abound Solar could cost taxpayers $60 million

By Mark JaffeThe Denver Post

Posted:
06/28/2012 09:53:59 AM MDT

Updated:
06/28/2012 01:36:10 PM MDT

Abound Solar in Longmont was working to win the race for thin-film solar panel manufactures getting to market. Abound Solar employees work at the end of the unique automated production line at their manufacturing plant. (THE DENVER POST file | Kathryn Scott Osler)

Abound Solar in Longmont was working to win the race for thin-film solar panel manufactures getting to market. (THE DENVER POST file | Kathryn Scott Osler)

The bankruptcy of Abound Solar, the solar panel maker with facilities in Longmont, Loveland and Fort Collins, will cost taxpayers $40 million to $60 million, according to the U.S. Department of Energy.

The company will close its doors next week and file for liquidation, according to a company statement. The closing will affect about 125 workers.

The company has used about $70 million of the loan guarantee, and after bankruptcy liquidation the loss to taxpayers is estimated to be $40 million to $60 million, Damien Lavera, a DOE spokesman, said in a statement.

Abound has been struggling with the falling price of solar panels. The company's technology made a solar cell out of a piece of glass by applying a thin chemical film.

It was supposed to be cheaper than traditional silicon panels, but since 2009 the price of those panels has dropped from $2.79 a watt to less than $1, according to industry consultant Solarbuzz.

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